How to Find REO Properties
How to Find REO Properties in the United States
Boosting and elevating property portfolios is a key part of the mission to increase real estate investments, and finding REO properties is one of the best ways to do it. See, REO properties — AKA, real estate owned properties — may be a wildly good investment for those ready to grow their portfolios.
However, it can be tricky to actually find (and, well, purchase) REO properties. If you don’t know how to locate them, REO properties aren’t easy to buy — but, once you figure it out, finding and procuring REO properties could skyrocket portfolios and business. Wondering how to find REO properties? We have you covered.
Why look for REO properties?
Since REO properties have usually been foreclosed on and are now owned by banks, REO properties have a lot of potential. Whether homes or apartments or even office buildings, REO properties have the unique position as properties that are often sold at a lower price and in some cases, for a better deal. Plus, as they are owned by the bank, REO properties are typically free of liens and taxes — and banks are often ready to get their REO properties sold… and quickly. This means that filling a portfolio with REO properties may also go hand in hand with getting a better return on investment. Win, win, win.
Where to find REO properties
If you’re looking to find REO properties to add to your portfolio or your clients’ portfolio, you have several options. First up? Get scrappy, and start consulting with realtors in your area. Any realtor you know can consult MLS to find local REO properties, and you can also find REO properties located nearby by finding homes on your own. If you don’t want to stay local with your investments, it’s also a good idea to research areas with high foreclosure rates in your state and even outside of it.
Another way to find REO properties? Searching foreclosure lists and property for sale lists. Banks will have listings of foreclosed properties and REO properties that you can consult, and you can get in touch with local and national banks to request lists. If you’re looking for government-owned foreclosures (for example, foreclosures via the IRS, the VA, and HUD), consult their foreclosure lists.
If you’re still on the lookout, you can also benefit from searching public records, online auction platforms, national real estate agents, and online marketplaces. At VRM Mortgage Services, we can help you to find real-estate properties — and then manage them — alongside our network of vendors and partners. Our partners at VRM Properties work to make it easy for buyers and investors alike to find REO properties and properties eligible for VA Vendee™ Loans.
Ready to add on to your REO property list? Find out more here.